- RWAs: the exponential growth of stablecoins is the prelude to the development of the tokenized real-world assets market
- It is expected that 10% of the global GDP will be tokenized by 2030. How does this innovation integrate into the traditional financial system?
- BoulderTech’s CEO, Rodrigo Benzaquen, shares his perspective from Latin America.
A concept will impact strongly in this new context, where cryptocurrencies have gone from being a technological curiosity to becoming a key engine of the new global financial system.
This concept is Tokenized Real World Assets (RWAs). These assets are shaping up to be the next big leap in the evolution of the crypto market. With the exponential growth of stablecoins as a prelude, the tokenization of RWAs promises to transform the way we invest and access global financial markets.
Tokenization of RWAs
It is expected that 10% of global GDP will be tokenized by 2030, according to a striking report by the Boston Consulting Group (BCG). The tokenization of RWAs is not a new concept, but its implementation and adoption have gained momentum in recent years.
According to data from the tokenization platform RWA.xyz, the stablecoin market, a key pillar of RWAs, grew by 3,800% between 2020 and 2024, reaching over $156 billion. Stablecoins represent more than 90% of the current RWA market, but their dominance could decrease as other sectors gain traction.
According to a report released by the Tokenized Assets Coalition, the tokenized asset market could reach between $2 trillion and $30 trillion by 2030, depending on the source and market conditions. This growth will be driven by key sectors such as real estate, Treasury bonds, and commodities, which currently represent a significant fraction of the total addressable market in the industry.
Ripple, the San Francisco-based blockchain development company, launched enhanced features for Ripple Custody in late 2024, aimed at helping banks and fintechs securely store digital assets on behalf of their clients. Among the most notable features are those for the tokenization of Real World Assets (RWAs).
From Latin America
Rodrigo Benzaquen is the CEO of BoulderTech, an Argentine company specializing in asset tokenization. When asked about his views on this market, he defines its impact firmly: “RWAs have the potential to open financial markets to a global audience. Tokenization allows retail investors to access assets that have traditionally been reserved for large institutions, such as real estate and Treasury bonds.
How does this new world integrate with the prevailing financial system?
“Today, we have the traditional financial system (TradeFi), which is very robust but outdated and centralized,” says Benzaquen. “On the other hand, we have decentralized finance (DeFi), which is deregulated; but there is an intersection that can be very interesting. There are financial assets that are already traded in TradeFi and are easily tokenizable, and they can be brought to DeFi using the rules and regulations of the traditional world.”
To exemplify this integration, one need only consider Ripple’s recent expansion into this market, which includes clients like BBVA Switzerland and Societe Generale.
When asked about use cases, the expert points out that the range is broad: “From decentralized finance to sustainability initiatives, such as the tokenization of clean energy projects.” He adds, “Our work with Hydrokken to tokenize natural hydrogen shares is a concrete example of how Blockchain can drive a greener economy.”
Regarding the barriers Latin America may face in joining this trend, Rodrigo Benzaquen has an optimistic view: “The region faces barriers such as limited infrastructure and a lack of investment in Blockchain technology. However, regulatory progress and the adoption of stablecoins are creating a favorable environment for growth.”
Tokenization platform for banks
Another sign of the future of these assets is that Visa has developed the Visa Tokenized Asset Platform (VTAP), a new product that will allow banks to issue tokens backed by fiat money, using smart contracts. This will facilitate the digitization and automation of existing processes to drive the exchange of Real World Assets. According to the payment giant’s statement, banks could use this new platform to purchase tokenized assets, such as commodities or bonds, with near-real-time settlement via a token. BBVA will be one of the first financial institutions to use VTAP and plans to implement a live pilot in 2025.
Tokenization of RWAs: Key players
The entry of institutional giants into the RWA space has consolidated its legitimacy and underscores its transformative potential:
- BlackRock
Through its BUIDL fund, valued at over $600 million, it has invested in tokenized Treasury bonds, marking a milestone in institutional adoption. - MakerDAO
The organization behind the DAI stablecoin has allocated $1 billion to tokenized Treasury bonds, reaffirming its commitment to the market. - Ripple
Ripple has introduced a series of new features in its Ripple Custody platform, designed to help banks and fintech companies adopt cryptocurrency-backed services. These updates include tools for tokenizing Real World Assets (RWAs), operational setups, predefined policies, integration with the XRP Ledger blockchain, and an enhanced user interface.
With a bank-grade custody solution, Ripple has positioned its technology to tokenize real-world assets on its XRP Ledger. Its integrated regulatory compliance platform could capture a significant portion of the global custody market, valued at $16 trillion by 2030.